History
VM Motori was founded by two entrepreneurs, Claudio Vancini and Ugo Martelli (hence the "VM") in 1947.
VM merged with Stabilimenti Meccanici Triestini in Trieste in 1971, then Finmeccanica took a majority stake in the combined company.
In 1989, Finmeccanica restructured, selling its stake in VM Motori to company managers and Midland Montague in a leveraged buyout, leaving the company with its single Cento plant.
Detroit Diesel Corporation (DDC) bought VM Motori in 1995.
In 2000 the DDC was purchased by DaimlerChrysler AG.
In 2003, Penske Corporation purchased a 51% stake in VM Motori; in 2007, Penske bought the remaining 49% from DaimlerChrysler and subsequently sold 50% of it to General Motors. As of 2007, both deals were awaiting European regulatory approval and the value of the deal was not known.
In September 2008, GAZ Group announced plans to purchase a 50% stake from Penske Corp. but ultimately cancelled them in February 2009. January 11, 2011 Italian newspaper Corriere della Sera published news that Fiat S.p.A. is about to purchase 50% stake from Penske. In February 11 Fiat Powertrain Technologies confirmed it has bought the 50 percent stake.
Read more about this topic: VM Motori
Famous quotes containing the word history:
“The history of every country begins in the heart of a man or a woman.”
—Willa Cather (1876–1947)
“I think that Richard Nixon will go down in history as a true folk hero, who struck a vital blow to the whole diseased concept of the revered image and gave the American virtue of irreverence and skepticism back to the people.”
—William Burroughs (b. 1914)
“The second day of July 1776, will be the most memorable epoch in the history of America. I am apt to believe that it will be celebrated by succeeding generations as the great anniversary festival. It ought to be commemorated, as the day of deliverance, by solemn acts of devotion to God Almighty. It ought to be solemnized with pomp and parade, with shows, games, sports, guns, bells, bonfires and illuminations, from one end of this continent to the other, from this time forward forever more”
—John Adams (1735–1826)